The results of studies into the carbon footprint vary. The difficulty of translating the energy consumption into carbon emissions lies in the decentralized nature of Bitcoin impeding the ability of researchers to identify miners geographically and so examine the electricity mix used. Carbon Emissions and Electronic WasteĬoncerns about Bitcoin’s environmental impact relate the network’s energy consumption to carbon emissions. According to the Bitcoin Mining Council, based on a survey of 32% of the global network, 56% of BTC mining was done with the help of renewable energy resources. And the good news is, we’re slowly getting there. What can we do to reduce the impact of cryptocurrency mining on the environment? Well, first of all, we need to start using alternative energy sources, i.e. In December 2021 the world picture changed: today, more mining is being done in the U.S. In June 2021 China finally banned Bitcoin mining and the miners moved to other countries. Cryptominers relied on cheap coal power in Xinjiang from October to May and then migrated to regions with overcapacities in low-cost hydropower, like Sichuan, between May and October. Until 2021, according to the CCAF, much of the mining for Bitcoin was done in China. As of 2022, the Cambridge Centre for Alternative Finance (CCAF) estimates that Bitcoin consumes 131 TWh annually, representing 0.29% of the world’s energy production and 0.59% of the world’s electricity production, ranking Bitcoin mining between Ukraine and Egypt in terms of electricity consumption. If you think about it, the impact on the environment produced by mining is huge. 4 NFTs: Are They a Danger to the Environment?.2 Carbon Emissions and Electronic Waste.
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